Blockchain Technology in Agriculture

Blockchain in Agriculture

The application of blockchain technology in agricultural supply chains is increasing. With its ability to serve as an immutable “ledger” for the recordkeeping of all possible transactions, its value in agricultural supply chains extends to all stakeholders, especially to Growers. Thus, be it in the grain, wool, chia, fruit or vegetable industry, blockchain technology has it benefits.

Firstly, blockchain technology provides stock management for Growers. With its ability to create and retain immutable records, it functions as a track and trace for all the contracts and logistic movements occuring against on-farm stocks. This means, all stocks are updated, in real time against the contracts and movements that occur ex-farm, thereby allowing the Grower to know their current positions and plan for future movements.

Secondly, blockchain technology will enable Growers to increase the value of their produce through food provenance. By being able to track, trace, and maintain immutable records on the blockchain, Growers will be able to supply end-users with reliable and verifiable Proof of Origin information. This allows Growers to extract the maximum value for their produce as they are now able to provide evidence to confirm the origin, quality, and processing of their produce, which in turn allows Growers to build their own “origin” brand to increase their value-add.

Finally, blockchain technology will connect Growers directly to domestic and international marketplaces with technology-powered trust. Using a blockchain-powered platform such as AgriChain, domestic and international buyers and sellers can be securely connected for seamless transactions using smart contracts. Thus, due to the immutability and traceability of the smart contracts on the blockchain, both sides of the sale are protected, thereby creating a secure, transparent, and trustworthy global marketplace.